Tag: corridor method

Senate budgeters cut pension contribution by $100 million

The Senate Budget and Taxation Committee voted Thursday to cut $100 million in contributions to the State Retirement and Pension System for fiscal 2014. The committee tied the unexpected move to passage of legislation that will eventually ensure the state puts aside enough money for employee and teachers pensions. But the cut also adds a year to achieving long-term funding goals for those pensions.

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Bills would phase out reduced funding for pensions

For most of the last decade, Maryland has been putting less money into the pension system for state employees and public school teachers than actuaries said it should, as much as $2.4 billion less.

For years, the trustees of the pension system have been urging the legislature to phase out the “corridor” method of funding. This year the General Assembly’s Joint Pension Committee has agreed to go along, and approved a plan to phase it out over the next 10 years.

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